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CNBC
Mar 19, 2013 5:00am EDT
story. it's fast moving. details keep changing. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point
CNBC
Mar 25, 2013 5:00am EDT
, this is just -- we are seeing for what is the bailout turn that the government bonds won't be touched. so at the end of the day, it's completely different in respect of what's happening. >> the keeping is whether the read through -- what the principles -- when draghi said we'll do whatever it takes, they will do whatever it takes, including rewriting the rules, ignoring democracy, whatever it is, we will do whatever it takes. >> we started at the beginning of the crisis, no? whenever you need something, you do it. and despite it being difficult or anti-economical or not really democratic, it's going to be taken to try to save what is -- what looks to be good for the country. >> plenty more to come from you. meanwhile, let's just remind you what's happening in the asian session. they were trading on the way up to this cypriot deal. li sixuan has more for us out of singapore. >> thank you, ross. nice to see you. the cypress deal in brussels spelled relief for most asian bourses with the japanese market leading the charts. and the nikkei 225 rebounded 1.7% after the 2.4% drop last friday
CNBC
Mar 18, 2013 1:00pm EDT
euros. he said the number has been exaggerated by the communist government, the former communist government. the officials are saying the imf nor the ecb has independently verified this figure. tyler, i have a call in to the imf. i'm awaiting their response. >>> 40% of the deposits in the cyprus banks belong to foreigners. many of whom are russian investors. robert frank here with the fallout on this. i guess it's easier for the cyprus officials to say let me take the money out rather than lay the whole cost of this bailout on cyprus' taxpayers. >> but the way they did it is surprising. cyprus is not just a tax haven for russia, it is the tax haven for russian millionaires and billionaires. russia has invested $119 billion, that's with a "brks" in cyprus in 2011 alone. that's by far the largest recipient of russian investments in the world. equal amount of investment came back to russia from cyprus. funny how that works. russian investment is five times the total economic output for cyprus. russians account for $20 billion of total bank deposits or, tyler, as you mentioned, more
CNBC
Mar 25, 2013 6:00am EDT
govern these bailouts going forward. so it includes the imf led by christine legarde, ollie rehn and the relationship between the banks. the relationships looked extremely tense last night, but on their way out, they tried to assure us that there is actually no problem. here is what christine legarde had to say about it. >> would you tell us about the future of the troika with regards to future bailout? >> the troika is doing fine. actually, there are two of us. we're doing okay. thank you very much. >> so, you know, an attempt to look friendly, that was two out of the three representatives. we didn't see mario draghi, although he was present for these deliberations. so at a time when the eurozone has an economy that's extremely weak, where we've just learned that if anything the downturn is accelerating, that the austerity measures haven't succeeded in turning this country around and that there still is no uniform way here of dealing with the failure of these banks or frankly with sovereign bailouts going forward is not going to help investor confidence. so there's a bit of a relief thi
CNBC
Mar 22, 2013 7:00pm EDT
not what he says it's what he's doing. he's like a federal government official. not watch what he says but what he's doing. that's why i love the guy. look at him he can't stop smiling. neither can you. you're both great. thank you so much. now folks, a busy day and night on capitol hill. the senate is busy voting on amendment after amendment in their budget bill. we got two distinguished senators about to join us give us their take and later on the show why can't police departments get any ammunition while the department of homeland security has bought up 1.6 billion rounds in the past year. there's no ammo for handdowns, shot guns, rifles, for training. what's up with this or is the dhs in a form of gun control that the congress can't legislate? folks don't forget free market capitalism is the best path to prosperity. stanford university stopped its course. we'll hammer them for it later in the show. i'm larry kudlow. please stay with us. zap technology. departure. hertz gold plus rewards also offers ereturn-- our fastest way to return your car. just note your mileage and zap ! you'r
CNBC
Mar 20, 2013 9:00am EDT
government keeps putting money in people's market. the government trumped 2.4 million jobs and they didn't talk about the 1.9 million people on food stamps and snap program. so we're just very, very cautious. >> you're a new york, l.a. california guy. >> i'm not sure where this is going. >> you're not drinking the kool-aid on the big government? >> no. >> steve, thank you for being here. >> it's been a lot of fun. >> thank you. make sure you join us tomorrow. "squawk on the street" begins right now. ♪ ♪ ♪ >>> good wednesday morning. welcome to "squawk on the street." i'm melissa lee with jim kramer and scott wapner. carl quintanilla and david faber have the week off. let's take a look at how we are setting up in the united states. we are looking at a strong open higher and the dow up at 79 points and yesterday we did see signs of life and the dow surging late in the session and the dow looking to snap that three-day losing streak. as for europe, both stocks and the euro seeing some relief. we do have a bounce here, a nice one, in fact, in italy as well as in spain as the ecb prepares
CNBC
Mar 18, 2013 6:00am EDT
now, given that this is a brand new government, they've only been in town for three weeks and they made an ex politicsit promise that they wouldn't hit depositors, that's going to be the key issue. can they pass it through parliament? carolin roth is the best person to speak to you about that. >> julia, thank you so much for that. everyone here in cyprus is anxiously waiting for that vote on a very controversial bailout deal. now, i should mention that at this point, the ruling party under the president does not have a clear majority in parliament to be able to push through that controversial vote because press reports are indicating that up to three parties could be voting against that bailout deal because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eurozone. the debate and th
CNBC
Mar 21, 2013 11:00pm EDT
obama scares us into thinking it is. we know that local and state governments are cutting back. that's not positive. finally, there is this missed quarter evidence. federal express did blow up. it was not a good number. caterpillar is down 12%, retail sales number might not translate into weak earnings. i was prepared for cat sales to be flat, maybe up a little, not down double digits. then we got oracle. while oracle almost always bounces back, making my charitable trust which owns the stock want to buy more, i have to believe the macroenvironment has gotten worse than we thought. oracle is not that bad a company. you don't want to get too negative either. what could be right? while i don't expect a grand bargain in washington, i think that's off the table, it's always possible and if that happens and you're short the market, betting against it or don't have enough stock, you will be left behind. you will be crushed. you short the market, we get a grand bargain, one solution. second, the brinkmanship game in europe could get resolved with some solution we don't know about yet that wor
CNBC
Mar 18, 2013 5:00pm EDT
europe, since they don't have a central government, every time they come to something they have to govern by brinkmanship, which by definition means the next iteration has to be even worse. and we always saw switzerland saying no, we don't want your cash, negative interest rates. cyprus is an issue. everybody's going to get a haircut there. gold is the place to be in this environment. >> let's move on here. cyprus of course rattling the global markets on fears that it could destabilize the euro zone. joining us now to break it down is paul donovan, global economist at ubs. great to have you with us this evening. >> thanks very much. >> i think the big question the markets is granling with is will there be contagion? when you look at how the european finals traded and u.s. financials tradeed is there is a concern there could be some sort of contagion to global markets. is that your take? what is the probability in your view of that happening? >> i don't think it's about con tajons quite so much. yes, there is clearly a risk although it has to be said in the last couple of hours the sound o
CNBC
Mar 22, 2013 4:00pm EDT
convenience. going there takes away the sales tax revenue that governments have been relying on for years and years and years. and we as brick and mortar merchants are still required to collect that. so, really, like i said, it comes down to a matter of fairness for the collection. >> but you're going to get more revenue through more sales and in turn, you're going to get more taxation that way, by the money going into the economy. so the reason why people are going on the internet is for the tax reason and the competitive pricing. so all you're going to do here is hamper sales and the best thing going. 6% of the world right now is ecommerce, with the whole tech eco system growing, with smartphones, with tablets, it's going to continue to grow. that money will trickle down into the economy. you're going to kill it this way. >> it doesn't -- >> the truth is, let me push back on you as well, because is it really fair that if i go into a store i'm paying tax and if i do it online, i'm not? >> it's okay, because the local brick and mortar store is getting the tax benefit of that state.
CNBC
Mar 18, 2013 2:00pm EDT
greece problems late in 2009 when there was a change in government, it took quite a few months for the crisis to double up. sing we are still in line in terms of having difficulties spread to other countries. and you saw big increase in the price of gold. that is unrest in the investment community. >> i was just going to offer the equity rally. it's not one built on a very solid foundation. they all tend to be off. it's like your money is confiscated by the government. that's the sort of thing that happens in africa. not in the west. so i mean, it really kind of puts a question mark over everything. >> i would just offer when i look at the markets today and i had a quote here from citi group if you have it in the back. i think it's wot sharing. citi group has come to the conclusion that the fears of contagion are really overrated. that cyprus is a unique situation. and i'ming looking at what you're looking at. >> haven as an offshore. >> a lot of money. >> about getting back at the russians. >> yeah. >> there it is right there. contagion risks are overrated. >> it's just not the origin
CNBC
Mar 18, 2013 9:00am EDT
the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of the economy. consider that here in the united states. our banking system is roughly one-time the size of our economy. what we're waiting to see next are they going to get this through parliament and get it done? it is so controversial they're trying to find out different ways to make it less controversial. impose the tax on larger shareholders to a much greater degree. it was originally 9.9% and you go to 12%. if you didn't want to tax the small guys at all you'd have to go to 15% or 16%. this is the scene when the president walked into the palace headquarters. there were people there with no written on their hand and this says merkel stole our money. keep in mind, european union will still give them 10 billion euros and they
CNBC
Mar 20, 2013 2:00pm EDT
chuckle people were passing around was when the fed called out the government by saying fiscal policy has become somewhat more restrictive. that's an obvious reference to washington getting in the way even more with all the sequester issues. i would note the s&p is up 11 of the last 12 days when the fed has had a meeting. 11 of the past 12 and it looks like for today 12 of the last 13. >> it certainly looked like it. only eight points away from its own record high. in the meantime, rick santelli, brian correctly pointed out there was a new sentence thrown in there, the consideration and discussion about the effectiveness of what they're doing. any reaction to that? >> the reaction is the cost/benefit analysis seems to be coming from the gene pool so they're somewhat suspect, if not questioning. they agree with jim cramer that ben bernanke is the master and the markets are the dogs. they're obedient. they have very little volatility. much of their movement isn't totally of their own devices. off the market have a smidge of volatility after it's all said and done. not a lot of movement.
CNBC
Mar 19, 2013 4:00pm EDT
government and the country's corporations. so what, then, for cyprus? well, bank sources i spoke to said u.s. financial giants didn't do business with cypriot banks or corporations if there's any counterparty trading risk. it would likely be negligible, unless, maria, the ripple effects from what we're seeing over there tend to widen. >> all right, kayla, thanks very much. we'll be watching that, obviously. what's ahead for cyprus right now? we are right now joined by george theocoritus. good to see you. we have, george, the professor of finance at cyprus international institute of management. he'll be joining us shortly, and peter kekyanus is the chairman of the cyprus chamber of commerce. i guess it's interesting that we see this plan unveiled on monday and it really creates a market upset. are you surprised at all that parliament rejected this depositor tax? >> not at all. i mean, when you -- >> it's crazy. >> it's more than that. i think there's something more being done here and said. not necessarily verbally, but if you look at, it started friday. effectively, the banks have been c
CNBC
Mar 26, 2013 6:00am EDT
. the government agency must approval the dreamliner before it can be used for service. >>> at 2:30 wk economists are looking for an increase of 4%. an hour later at 10:30, we get new home sales, consumer science. this morning, the futureses for the dow is up. oil prices yesterday closed at the highest level in over a month. this morning, they're trading you up another 44 cents to 95.25. the ten-year note this morning, yield i yielding 1.932%. the dollar is up against the yen. the euro is trading at 1.2866. signs of concern when you look at what's happening in europe. gold is down, $1,596.20 an ounce. >>> in market news, we have a bit of a kelly evans special. the new bank of japan governor saying that the central bank is going to seek to push down market interest rates by purchasing longer data government bonds, expand its balance sheet and more aggressively see deflation. kelly evans was early on the whole japanese story. >> she was right, yeah. >> it's now time for the global markets report. >> we have ross westgate in london. ross. >> hi, andrea. it's on really cold. >> we're weigh
CNBC
Mar 19, 2013 4:00am EDT
government. if these banks were in the united states they would have been seized a long time ago so any testament to the cluelessness and phony supervision of the brain dead european regulators that it ever got out of hand like this. service. we're in big trouble. who knows? it could happen here probably around the corner. and that's when i blew my top. first, our banks are the best regulated in the world despite what senator elizabeth warren and chief prosecutor -- i'm sorry, chief reporter gretchen morganson from the new york times might tell us. it's not going to happen here and while i think it's always right to worry about the italian banks because they're poorly capitalized, i'm not going to saber rattle and make you fearful of wells fargo or huntington bancorp or first horizon or j.p. morgan. love 40, i say. no, no, game! at that point it was my turn to serve. i had no more patience. to each and every bear and by my account there were a dozen of them, i ask what does the cyprus crisis have to do with the price to earnings multiple of bristol-myers? now, mind you, there's noth
CNBC
Mar 22, 2013 3:00pm EDT
-case situation. you know, if the company is doing fine, there's no governance issues, you don't have a problem. if you've got a problem, it's time to separate the two. >> exactly. >> by the way, i forgot to wish you happy world water day. >> oh, thank you so much. and to you as well. >> thank you so much. no one has the day off, there are no hallmark cards for this day, but this is an opportunity to look at companies that are looking to conserve water and make money doing it at the same time. >> yes, it is. and bertha coombs has the story of an oil man using water no one can ever use again for fracking. bertha? >> that's right, maria. the drought in texas is now entering its third year and it's grown more severe as the water-intensive fracking boom has exploded in the lone star state. you can see the orange and the red, that's extreme drought in 90% of the state. now, a couple of oil and gas veterans think they've found a win-win solution. tiny alpha solutions is tapping into the one source of water that is growing in texas, municipal waste water. they've contracted to buy the effluent
CNBC
Mar 17, 2013 11:00pm EDT
government using gambling to prey on human weakness for profit. >> les bernal is head of the national organization stop predatory gambling. he and massachusetts state senator sue tucker have been fighting a move to bring casinos and slot parlors to the bay state. >> we're in the worst economic crisis since the great depression, and the daily voice of government to most americans is, "we're gonna push casinos, and we're gonna push lottery tickets." >> well, but you have a situation where states are desperate. they're way over budget. they have to find revenue somewhere. they know people will gamble. >> as a revenue raiser, it defies every principle. it's regressive. in other words, it takes far more money out of lower-income people's pockets than higher-income. it is cannibalistic. in other words, it eats other forms of revenue. when you have your citizens dumping $2 billion down the slots, they're not buying a new car, and you lose that tax. >> you brought these casinos to this state. do you ever just say to yourself, "oh, my god, there are a lot of people who are suffering,
CNBC
Mar 22, 2013 12:00pm EDT
greek banks. remember that the greeks and the cypriots have done a deal where the greek government said we'll take the branches here if you don't mind so we don't have your contagion. they're going to give those branches to paraus bank. for the week overall, there is an underperformance again from the european markets, and you can see that with the dow up here and the dow jones stocks 50 down for the week. just over 1.5%. a lot of people would say, you can see if you look at the bond market the german bond market, that there's a flight to safety if you like as a result of what is happening in cyprus and, therefore, for the week overall arguably the yield has declined on the ten-year bond but actually yields have declined across europe, notably on spanish and italian debt. check that out as you get that rally on european bond markets particularly in the periphery partly presumably in the search for yield but also because the data has been so bad this week. don't forget, it looks like europe is in contraction, in recession, for a sixth straight quarter. finally, let me give you one l
CNBC
Mar 21, 2013 7:00pm EDT
government tax grab that we will debate. >> speaking of taxes, guess who is not paying them? more and more federal workers are tax cheats. why shouldn't tax cheats just be fired? it's that easy on the "kudlow report." and we begin right now. first up tonight, the cyprus crisis continues. riots are forming in the streets. cnn's own chief international correspondent michelle caruso-cabrera is with us tonight. >> cyprus is going to do something that's called "resolving a bank." like all tough things in life, we use euphemisms. tonight the head of the central bank has asked parliament to give him permission to give him new powers of resolution authority. what he will do with that resolution authority is he will take cyprus's most troubled bank, he's going to take the good deposits in that bank and move them to another cyprus bank. the bad deposits, the bad loan, the junk that's in laiki bank will remain as a stub and those assets will be sold off over time. first, it's going to get them a lot claeser to the $5.8 billion they need to come up with. the other key point, people under 1 hundre
CNBC
Mar 24, 2013 11:00pm EDT
campaign against her to law enforcement. >> he and his team went to see various agencies of government and law-enforcement agencies. >> about you? >> that's what i am told -- that that's exactly what they did. >> a spokesman for perkins confirmed that, indeed, he did go to the s.e.c., the f.t.c., the justice department, and the california attorney general to complain about the tactics used in the leak investigation. >> if you have enough money and you're willing to spend enough, you can buy and sell somebody's reputation. >> and you're charging that's what he's done? >> that's is what he did. >> you're saying, if i understand you, that tom perkins set out to get you? >> he wanted me off the board. this was to get me off the board. i don't know if he ever thought through the consequences that would go beyond my getting off the board. >> well, you said he went to law enforcement. >> well -- >> that takes it another step. >> it does take it another step, and here i am today with an indictment over my head. >> are you saying he's responsible for that? >> well, i don't think i'd be sitting
CNBC
Mar 18, 2013 5:00am EDT
between the government and brussels leaders on saturday morning. but it's not just the people who are angry. it's also the politicians. many politicians in this 50/60 parliament in cyprus have said they would reject the bailout package because of the hugely unpop already deposit tax. press reports indicate that up to three parties could be volting against the bailout deal, which will be voted on in parliament later today. that's the debate and the vote are expected to kick off around 4:00 p.m. local time. so what the president is trying to do at the moment, he's trying to pure swede the members of parliament that this is the only solution going forward. if they vote against the bailout deal, the only alternative is bankruptcy for this country in the next couple of days. but it's going to be very, very crucial for the president to strong arm the other members of parliament into a positive decision on the bailout deal because at this point in time, he does not have a clear majority in parliament. he only has 20 seats. and even his junior coalition party, the democratic party, has voiced
CNBC
Mar 20, 2013 4:00am EDT
, abc, cbs and the cable thing wrecked that. heavily regulated by the government, though. and the auto industry, ford, gm and chrysler forced out the rivalries, but then had to deal with international competition which destroyed the dominance of the big three. but the rental car companies, they don't have to worry about foreign competitors. this industry is tied to economic activity capacity and both are going in the right direction for the likes of hertz and avis with a stronger economy boosting demand and reduced capacity that allows them to boost prices. aided by an east coast storage rental cars from superstorm sandy. with 94% of the industry in the pocket of the top three players, they don't have to worry about nasty things like price wars. who try to gain market share by undercutting the big boys. those smaller operators are gone! pretty much. this is a beautiful oligopoly. the businesses are in great shape. what do we do? we can't buy enterprise, privately held, and staying that way. so the choice is between hertz and avis. since the beginning of the year, the stocks have outper
CNBC
Mar 26, 2013 5:00pm EDT
switching last year, and unfortunately we only have data through december thanks to our government, but the data has showed in november and december that started to come back when gas prices picked up. and from the data we can see that continues into this year. it's still on the margin. it's helpful. we're not going back to '07/'08 levels. directionally things look better. this was in the mid-20s just a couple of months ago with things looking not as good as they do today. that's the simple call. >> jim, thanks for your time. jim rollyson of raymond james. guy adami, would you step in here and buy btu? >> peabody's name i've owned. this is a little bit like playing the stock market. that i respect. it's an interesting call. the short answer is the stock action, nothing is indicated to me that it's ready for a turn yet. it will at some point. hasn't happened yet in my opinion. >> you're a chart turner on this stock. >> you don't have to understand technical analysis to understand every time it looks like a buyer shows up, ten sellers come along. here's the thing. it's an interesting
CNBC
Mar 19, 2013 12:00pm EDT
has submitted his resignation. we're hearing from government sources that have told cnbc that even though he has tendered his resignation, it has not yet been accepted. of course, we'll continue to monitor the situation for you. lots of headlines, as i say, from that small island of cyprus. back to you, scottie. >> all right, mandy, thank you very much. again, the headline there, the ruling party is set to abstain in that voting process. you can see the euro again is near the lows of the day, dragging the s&p 500 and the dow jones industrials average lower along with it. we'll continue to follow that story and bring you any update over the next 45 minutes or so. meantime, a good run for shares of fedex. earnings looming, where is the stock likely headed from here? it's time to debate it. josh brown is our baby 90 seconds on the clock. baker, make your case. >> it's a great, great story. it continues to be the way to play the u.s. economy on good growth and also ecommerce, ecommerce growing, also. had a hiccup the last time. it had seven consecutive earnings of increasing growth. it
CNBC
Mar 25, 2013 5:00pm EDT
important component was german government support overruling the bank and supporting the ecb. and now if they're taking a tough line, there's ambiguity there. >> so there still may be worse things happening in the eurozone. so in terms of the trade or a trade, where do you see the euro going? after it's broken the 200-day moving average went to levels we didn't see last week, even when there was so much uncertainty surrounding cyprus, is there a floor here for the euro? >> i don't think it's going to go that much lower. it's already taken a lot of pain. and the outcome was terrible for cyprus people, bank investors, for the rest of europe it's really not that important. but what i do think it does is make europe and euro much more susceptible to any kind of negative shock. if you're an investor in anything but a prime institution, the first thing you're going to think about is get my money out. and if you're a policy maker, the first thing you're going to ask is when should the gates get shut? >> right. steve, thanks for coming by. appreciate it. steve englander from citigroup. th
CNBC
Mar 18, 2013 7:00pm EDT
money from russia and other rogue nations. the government of cyprus is scared to death of insulting vladimir putin. we'll have an expert who will play this scenario out for us. "the kudlow report" begins right now. >>> first up, let's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls below the insurance threshold. even though in theory it was supposed to be 100% guaranteed by the state. that turned out to be so controversial they are second-guessing themselves and reconsidering. a few hours ago the minister put out a statement saying they thought the smaller deposit
CNBC
Mar 18, 2013 8:00pm EDT
, the fourth-largest investment bank in the world. >> isn't the government supposed to protect the investors? >> yes. >> aren't they charged with informing investors? >> yes. >> why didn't they do it? >> welcome to 60 minutes on cnbc. i'm bob simon. even though fraud played a significant role in the 2008 meltdown of the american economy, as of late 2012, there have been several civil suits filed against major wall street financial firms, but not a single criminal prosecution. in this edition, we look back at the 2008 financial crisis and the failure of government regulators to prosecute those who might be criminally responsible. later, lehman brothers bankruptcy investigator anton valukas shares his findings on the collapse of the giant investment bank where no senior official has ever faced charges in the biggest bankruptcy in u.s. history. but first we begin with a nine-month 60 minutes investigation looking for wall street cases that might have prosecutorial merit. in december 2011, steve kroft reported on two such cases. we begin with a woman named eileen foster, a former senio
CNBC
Mar 22, 2013 5:00am EDT
lawmaker ves delayed a meeting for this morning. the government has three days left now to raise the almost $6 billion euros to needed to secure an incident ur national bailout. carolin roth is in the cypriot capital. carolin, it looks like there's not going to be this parliamentary session at this point. when can we expect the cypriots to put forward their latest plan? how are they going to come up with 30% of gdp? >> that's a very good question, kelly. first of all, it has been delayed by more than an hour now. we're hearing it could be delayed by another half hour, one hour. one of the lawmakers was walking into the parliament told me things are looking very, very bad at this point. they're going to be debating and voting on the three bills. the first one is the most contentious one. it's the banking bill. they're talking about winding down cyprus's second biggest banks which is going to be split into a good bank and a bad bank. the second bill is going to be on the called solidarity fund. among other things, this includes the nationalization of pension funds. the third one is a b
CNBC
Mar 25, 2013 7:00pm EDT
public service to us in just a few moments. >>> and government payroll has dropped 37,000 since the recession bottom, but private jobs have rocked 5.2 million higher. as i've said many times, lower spending and limited government, including government jobs, is good for the private economy. that is the real engine of the economic prosperity. >>> plus the supreme court this week will hear two important cases concerning same sex marriage. shouldn't the black robe masters leave the important social decisions to the states and their democratically elected legislatures or referenda? let the people decide. "the kudlow report" begins right now. >>> first up, in recent weeks, he's become a conservative super hero icon. that following his triumphant speeches at the national prayer service and the cpac political conference. dr. ben carson has a message to roll back obama care, deal with the crushing national debt, and even a bib llically based call r a flat tax. that's what i love. is he the conservative that can save the gop? here is the aforementioned dr. ben carson. director of the pediatri
CNBC
Mar 20, 2013 5:00am EDT
the same year went back into russia. what i'm saying is from a government perspective in russia, addressing this in a broader issue and not just capital flight, do russians want 120 going out and 130 going back in. it underlines the fact that putin doesn't control a lot of money going out of the country. >> that's a good thing. it's a capitalist society. the situation between russia and cyprus is partly rich russians using cyprus. that's one thing to say. the second thing is the way russian companies are structured is the legacy of the fact that 10 or 15 years ago russians wanted to do business with the world but their own structures were so underdeveloped because they were so young because they had to use russia and they had to use cyprus. it isn't sustainable in the medium term. more and more of the market is coming back offshore. a major initiative to make moscow an international financial center. apart from that, you have to look at the diplomacy of this. it looks as if the deposit grab is being deliberately designed in order to tax russian companies and relatively wealthy r
CNBC
Mar 21, 2013 5:00am EDT
concerns across europe and across the world. and i think the cypriot government understands that and i think the international community also needs to understand that in the way it's intervening in cypress. we should not let what is clearly a very big problem for cypress become a big problem for europe. >> ross, it doesn't necessarily seem his counterparts are doing anything to resolve this issue right now. but also, it didn't exactly look like westminster there. it looks like he was standing on the back porch or something. >> i can't actually see. i don't know which shot you can see. but, yes, big ben should be behind me somewhere. >> i meant behind george osborne. >> sorry. where i interviewed george was in the media center which is just down the road from the house of parliament. that's why. i didn't know if you were talking about my shoulder or that with george. that's where the journalists go and have breakfast. >> did he, ross, during that brief interview that you had with him or afterwards, express there needs to be more of a sense of urgency as far as britain is concerned
CNBC
Mar 20, 2013 7:00pm EDT
government more carol abo-- mor about standing up to him. >> i want to continue this idea that they will not be able to discuss anything. am i dreaming, aren't they going to talk about the iran threat and syria and the massive problems there and egypt. the region in some sense is unraveling, dan, president obama knows that. prime minister netanyahu knows that. cou so, can they get manage out of this? >> there's a lot to talk b but a lot of it is relationship repair. the first term the president, to borrow his phrase, he pursued a strategy in the middle east in which he wanted distance. he said that his u.s. relationship was perceived to close to the prime minister of israel. and so they needed to create space. here he is four years later, nothing to show for it, there's trust issues between the president and the palestinian leaders, so he is trying something different. coming to israel. bear hugging them and sending a message that they are close. as it relates to specifics, absolutely they will be discussing iran and syria and one of the things that the president will want is to rea
CNBC
Mar 21, 2013 2:00pm EDT
was heard anywhere. this is likely now no march 27th government shutdown coming. my friend over at potomac research made a great point this morning. he said washington used to be a horrible issue for the markets. it's now becoming potentially a positive. there's even talk of a mini grand bargain happening in the next few weeks as well. a real change in tone. nothing happened down here when they passed that continuing resolution today in the house. mandy, back to you. >> apparently wall street does not care about washington anymore would be the way i would put it. thank you very much, bob. >> smart move by america. ignore d.c. >>> overseas, anger is cyprus is growing as fast as the atm lines at the banks. nervous and frustrated citizens lining up to pull out their money. no one seems to know what the fate of cyprus and its banking system will be. all this as the ecb ramps up pressure. michelle caruso-cabrera is in the capital of nicosia. >> reporter: we're getting clarity about how they're going to resolve this crisis. there are protesters down the street. they wouldn't let them get
CNBC
Mar 26, 2013 7:00pm EDT
, government never leaves us alone. so how much do you think that is going to be reflected inside the stock market, has stocks become too you've forric? >> the health care problem is a big one, an uncertainty. but i'm going argue that fiscal policy has actually improved quite a bit. the reason is because on january 2, they passed -- a tax bill that took away the uncertainty that had been hanging over the bush tax cuts. so they just made a lot of that permanent. and on the spending side, the sequester, as you've pointed out, actually turns out to be pretty growth-inspiring in the country. if you're in the private sector, you see the government finally slow down its spending growth. so on the fiscal side, i like what's happening. it's the monetary policy side that's bad and europe as art mentioned. >> what do you see for profits coming up? profits, the mother's milk of stocks, i regard them as more important than gdp. can profits continue to rise? >> yeah. so we're heading into the first quarter earnings reporting season. and what we have seen so far in terms of preannouncements has not
CNBC
Mar 19, 2013 1:00pm EDT
proposal and to a man so far, they are all saying no. the governing party, apparently, has prepared a one-day postpone meant on the vote because at this point they are prepared to have sustained. cyprus' finance minister, who headed to moscow to appease some of the russian depositors has offered his resignation. people are observing what is going on in parliament. the euro has fallen the lowest since november 22nd. we're also hearing that the british ministry of defense is airlifting about a million euros to be distributed because the banks remain closed in cyprus. >> bertha, thank you very much. another story involving fake facebook shares. scott cohn has been looking into it. >> the facebook ipo and how hyped it was, how everybody wanted to get their hands on the pre-ipo shares. a man, 71 of florida, allegedly told investors that he had shares and raised about $8 million, it was all a ponzi scheme. he's charged in a four-count criminal complaint as well as a civil suit by the security and exchanges commission. could face up to 20 years in prison. he claimed he had pre-ipo shares of link
CNBC
Mar 25, 2013 4:00pm EDT
. we'd have a $30 trillion government debt. we'd have a $15 trillion balance sheet. if you want to bet on that, nathan, bet on that. i'm betting on 320 million people doing what people do as they age. they spend less money. the fed's going to only have to stimulate more and more. >> really. the american consumer is fabulous, harry. >> $2 trillion of stimulus, nathan. >> you could have a $2 trillion mortgage on your house if you can afford to pay the debt right now. you're not going to be going bankrupt any time soon. >> nathan, i want to talk to you five years from now. you are crazy. people in a bubble, they never see the bubble. they sit there and say it's fine until it bursts. >> harry, some day the star is going to super nova. if you predict it long enough, in 450 million years you're going to be right. you haven't had a prediction that hit yet. >> we've already had a crash. the government stopped it. that didn't happen in history. let the government keep doing this. they will keep it going as long as they can. >> we didn't have it. >> they will fail. they will fail. i will mak
CNBC
Mar 20, 2013 6:00am EDT
on monday. that would give the government five more days to either get money out of russia or come up with some other way to solve the math here. remember when the end game is. this country asked for 17 billion euros from other european countries and they said we're not going to give you that much. we'll only give you 10 billion euros. we'll help you out with recapitalizing the banks but you guys have to come up with nearly 6 billion on your own and really the only place to get it is in deposits. we saw the parliament reject that last night. here's the one piece of insight that i can give you since being on the ground here. overseas everyone was aghast that would try to tax insured deposits. the vast majority of the cypriots we talk to are aghast at the concept of taxing any deposits even the wealthy. they see it as an attack on the business model of the country. and they don't want that to happen. where do you come up with the money is the question? guys, back to you. >> so many different angles as we go on. they'll take an american credit card. you're using credit cards at your five
CNBC
Mar 20, 2013 4:00pm EDT
-jerk reaction out of oracle right now? >> i think we'll need to hear about what the government vertical did. clearly, we had the sequester late in the quarter. that could have had impact on numbers. it's about 10% of revenue. we'll be looking for some color there. hardware revenue has been disappointing. i think seven our the eight last quarters. that certainly weighed on total revenue. we're projecting growth to get to positive levels in q1. we'll certainly want to get an update there. and the license revenue is a bit of a miss as well. so we'll be looking for more color on the government side. >> go ahead, jon. >> something i do want to mention on epps, it's technically a 1 cent miss, avenue cents when the street was looking for 66 in non-gaap. through there is a currency impact. oracle saying that constant currency, it would have been 66 cents. but, again, many analysts have factored some currency in to their 66 cent estimate. so i'm not sure how much of that matters. >> well, i think that's a good point, jon. but i guess what ai'm focused o is revenue. >> yeah, particularly new lice
CNBC
Mar 18, 2013 3:00pm EDT
to rescue those banks. but to get it, the government must tax individual deposits held by banks in cyprus. that's the hot button issue. that pushed some citizens to run to bank branches and withdraw as much of their money as possible before those banks were closed. >> joining us right now with insights on this developing story is former u.s. treasury secretary lawrence summers. nice to see you again. thanks for joining us. >> good to see you, maria. >> let me ask you first your read on this. i guess the ultimate question is, you know, how likely is what's happening in cyprus happening -- likely to happen in the united states? but, first, are you surprised by this? characterize how you see this situation in cyprus playing out. >> look, this was a tactical blunder alongside a strategy adrift. the things in europe have gotten better in the last six months. but europe was not out of the woods. there's still much that has to be done both in terms of reform on the financial side and in terms of assuring that there's demand there as austerity is imposed in the debtor countries. that was n
CNBC
Mar 22, 2013 9:00am EDT
deadline for cyprus. one spokesman for the cypriot government saying the next few hours will determine the future of his country. a couple of consumer reads, popping pre-market on quarterly result the company had in january and nike ends an eight-quarter streak delivering a quarter and the top expectations and shares soaring this morning. for all of you who have been waiting for the z10. the day has come. blackberry available in stores and we'll check in on a store to see how demand is shaping up. >> indexes looking to bounce back after posting their biggest losses in three weeks. wall street keeping a close eye on cyprus where officials are working on another plan to secure the bailout. thises as the mediterranean nation is facing an ultimatum by the central bank. face losing emergency funds for cyprus' banks. this morning the cypriot government spokesman said the next few hours will determine the future of the country. cyprus' finance minister has returned from russia after two days of unsuccessful talks there to reach some sort of funding deal. so that story goes on and it
CNBC
Mar 22, 2013 5:00pm EDT
situation where government and business can come together to ensure that the job is done safely and does not impact the environment in a harmful way. it is imperative we effectively use the resources this country happens to be rich in. but of course, if only it were that easy. in a matter of months, the obama administration will have to decide whether to permit the keystone pipeline. a 2,000-mile conduit from the canadian oil sands, seeking ports on the gulf of mexico. environmentalists have made stopping the pipeline their number one priority. but about two weeks ago, the white house released the results of the state department's impact statement on keystone which said the impact would be nil. and yet, still no movement on the passage of this pipeline, which is estimated to have the potential to create millions of new jobs. meanwhile, there's a fight over shale gas. something this country has in abundance. so much so, america could become energy independent. the fact is, we need to move forward on multiple tracks, not just one track. why not employ all of the above strategy? keep p
CNBC
Mar 18, 2013 4:00pm EDT
first place. that's a big problem. government should not insure bank deposits. it's a tremendous moral hazard. one of the main reasons the banks make reckless loans. depositors don't care what the banks do with their money because the government's there. >> that's one of the guardrails to oversee these banks. >> but we don't need it. we didn't always have it. and there are other nations that don't have any deposit insurance and their banking system is much sounder than ours. >> they're asking depositors to pay for the bailout. >> no, no, no, no. there are no bailouts in those country. the countries that don't have deposit insurance have a healthier banking system. because we have this deposit insurance, american depositors don't care how reckless their banks are. the banks don't care because the depositors don't care. it's a terrible system. eventually it's going to implode. people who have money on deposit in u.s. banks are going to take huge losses one way or another. either they're going to lose their deposits, or their deposits are going to lose value because of all the infla
CNBC
Mar 21, 2013 9:00am EDT
is government spending. i think government spending is really being ratcheted back here. that's going to be a major focus in the month of april. we'll hear endlessly about government spending coming down. >> the note on oracle this morning, this shows incremental softness in i.t. spending environment. that's weighing on all tech names. ibm is down 1.25%. that's a huge weight on s&p 500 at this hour. a lots of them we are watching in the tech sector. s.a.p. down 2.5%. crm down 1%. it is taking everything down at this point. >> oracle was bad. can't mince words about it. >> was oracle being bad a sign of what's bad in overall tech spending or was oracle bad more of a sign of what's bad at oracle? or both? >> it is a big government provider. dell is, too. that's hurt dell. this was sloppy execution. deliver, deliver, deliver. are they losing share in the cloud? clearly. they won too many nine-figure deals. at the same time the market says i want to buy that weakness. why is lululemon up? they want to buy that weak fles. looking for caterpillar to bottom today. onshore drillers, one
CNBC
Mar 26, 2013 5:00am EDT
south africa and having to compete against those. the government is saying they will put mechanisms in place to make sure trade is fair and south african businesses will be protected. one of the issues that kept cropping up during that discussion was the whole role of africa, everyone recognizing that africa is the next opportunity and is talking about opportunity and is trying to leverage and making sure that they take advantage of those. we know africa is home to seven of the ten fastest growing economies in the world and everybody is looking at that. we're talking about economies like libya, ethiopia, zambia. it's a little mixture of raw materials, nation economies, and those countries that don't solely rely on raw materials. brazil did as much as $7 billion for its rail project and $400 billion for its oil and gas pep and it sees that developing banks are playing a crucial role in terms of finding funding for those infrastructure projects. so the discussions, yes, they are getting better and they are beginning to try and put the structures in place to make sure that they actualize
CNBC
Mar 25, 2013 6:00pm EDT
when you can make them in government, pollute the air, cheap energy for the factory and low shipping costs? that's become the american way. i'm calling it continental-cide. confiscating deposits will inspire fear when confidence is needed. fear makes people act differently. it takes away the confidence they need for the future. that tightens credit. never forget that the entomology of credit is the latin word credere, which means to believe. how can you believe in a continent or currency that can have your money locked down or crunched as in cyprus? i can't get credit to build and credit to buy, can't get cash to eat. so that spills over to our industrials. many of our companies need european credit to get people there to buy our goods. you can see how worldwide slowdown could be viewed as in the wind. that's why caterpillar and deere have been going down. you need credit to buy capital goods like they sell. dead cat not bouncy. bambi's mom getting shot at. that's caterpillar and deere. thumper's had better days. the classical cyclicals gravitate to homes. they are both positive for
CNBC
Mar 21, 2013 6:00am EDT
simple and that can be done in a couple of days, you reduce the government's financing demand requirement down to approximately 5 billion euros. because then all your financing are the government deficits. >> adam, thank you so much. >> my pleasure. >> becky, you highlight a really good point. what is very clear from this government and also from the people on the ground that i've spoken with is they absolutely don't want to see a reduction in the sides of the banking system here because they know that is what 50% of the economy and a ton of the jobs, as well. they realize it's going to be a change of livelihood. changes that will happen in this country no matter what are going to be startling to the people here. >> i saw all the headlines coming from russia and the president here making strong comments. is that going to fall on deaf ears in europe? is that not a big deal as far as they're concerned? >> that would be my interpretation, absolutely. would you agree with that, adam? whatever russia says is going to fall on deaf ears when it comes to the troika? >> it doesn't fall on deaf ear
CNBC
Mar 19, 2013 6:00am EDT
washington news, the senate is closer to passing a bill to avoid a government shutdown to fund agencies through september 30th. senators voted 63-35, in case you're wondering, to limit the debate o legislation. a final vote on the bill could come as early as today. it would be sent to the house for final approval this week. we're going to talk more about the financial issues facing the country with fix the debt. mark burtolini is the ceo and chairman of aetna. >> he said they've -- i think they've done some layoffs. the layoffs were set in place. >> will you combine the white house -- you know, those were shut down with the easter egg hunt. didn't you go on that one year? >> yeah. >> it's starting to dig. it's start to go cut. >> why are people so outraged? >> about the easter egg hunt? >> come on. >> this is one of those things you're not supposed to comment on, right? >> i love easter. >> you really do? >> but you don't have to have it paid for with taxpayer dollars. >> i love the eggs and hiding the eggs. >> it's secular. >> it's in that category. >> you know what it represe
CNBC
Mar 19, 2013 7:00pm EDT
part of the story. whether it's gas prom or the russian government or russian finance industry, i have no idea. maybe you do. but it also occurs to me, we know -- we've had reports, including last evening on this program, russian people are really money launders in cyprus. and, in fact, they're sort goods and service evil launders, too. they unload and load stuff that goes to iran, stuff that goes to syria. i mean, it's really bad stuff. so i just had this thought. if russia gas prom or whoever can run the cypriot banks, that would leave them in a position, the russians, to keep the record-keeping nice and sloppy. so no one really knows what the hell is going on. it wouldn't be anything to do with the ecb. or germany or somebody that might be more appropriate. this would keep it nice and sloppy, wouldn't it, don jensen? >> yes, i'm glad you mentioned that, a national security angle too, the european press has said they use cyprus banks to fund the assad regime. the other thing i wanted to mention, larry, since the beginning of the year, putin has wanted to reduce the exposure of r
CNBC
Mar 21, 2013 12:00pm EDT
. the president there is still trying to form a government, beating berlusconi. today another potential leader. the word from our local partners in milan is he might ultimately try to pick a public figure to run a technocrat government which means we won't get elections until november, but that could also move markets in addition to cyprus. you know, scott, just as i throw back to you, the interesting thing here overall with cyprus with the role at the ecb. on the one hand, spain was automobile to auction 4.5 billion euros of debt because of the backstop and conversely it's saying cyprus will withdraw your funding after the weekend if you don't do a deal. back to you. >> simon hobbs, bk, simon is not overstating it at all. the numbers out of europe were awful. >> atrocious. particularly france. >> are we not paying as much attention as we should to that? >> the u.s. market is not and u.s. investors should pay attention to that. the europe is 25% of the global economy. it's china's largest customer, so when we talk about all these things and we talk about whether or not ali baba is going
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